Introduction to Currency Converter

By | May 4, 2022

Currency Converter provides the spot rate, as it more accurately mimics the rate that you would be charged if you were exchanging money. We are using Oanda as an Exchange Rate service.

It is a seamless combination of a cloud accounting solution and an international money transfer solution that brings together sales and currency conversion, helping you to calculate the exchange rate respectively. Currency converter delivers an end-to-end service in preparing and filing Exchange rates on Transactions in Sage Intacct.

The integration will be established between Sage Intacct and Oanda which will sync the Exchange rate which will update on to any transactions further as per requirement.

Gumu Integration

Integration Touch-points
Exchange Rates in Transactions

Once a transactions is created in Sage Intacct, the currency converter will pick up the value that needs to convert along with the base currency and target currency into Oanda. Then, Oanda will calculate the respective Exchange rate on the basis of the currency code. This Exchange rate will be updated on the Transactions and will be used for conversion.

On click of the POST button on the Transaction, we will call the GUMU™ service to calculate Exchange Rate from Oanda.

See below image wherein we have Sales Transaction as an example to showcase the functioning of the Currency converter.

Transaction

The updated rate will also reflect in the standard exchange rate object. Users will set up exchange rate types and transaction currencies. In Sage Intacct, we will store exchange rates for the currency based on the Transaction date.

Exchange Rate

Benefits/Features
Credible and Accurate:
It provides direct access to real-time exchange rates, so you can be assured that the data we provide is always accurate and reliable.

Reliable FX data:
Oanda currency converter is a trusted provider and easy to integrate with an existing platform which gives you access to over 30+ years of historical data and rates from over 200 currencies.

This blog gives you a brief understanding of how using Currency Converter Integration, Exchange Rate can be managed for currency conversion in Sage Intacct as per the need of the user.

About Us

Greytrix – a globally recognized and one of the oldest Sage Development Partner is a one-stop solution provider for Sage ERP and Sage CRM organizational needs. Being acknowledged and rewarded for multi-man years of experience and expertise, we bring complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third party add-on development and implementation competence.

Greytrix has a wide product range for Sage Intacct- a Cloud ERP. This includes migrations from QuickBooks | Sage 50 | Sage 100 | Sage 300 to Sage Intacct. Our unique GUMU™ integrations include Sage Intacct for Sage CRM | Salesforce | FTP/SFTP | Rev.io | Checkbook | Dynamics 365 CRM | Magento | Rent Manager | Treez | Avalara Avatax | Blackline SFTP. We also offer best-in-class Sage Intacct Development Services, Consulting services, integrated apps like POS | WMS | Payroll | Shipping System | Business Intelligence | eCommerce for Sage Intacct to Sage business partners, resellers, and Sage PSG worldwide. Greytrix constantly develops apps, products, and add-ons to enhance user experience. Sage Intacct add-ons include AR Lockbox File Processing. Greytrix GUMU™ integration for Sage CRM – Sage Intacct, Sales Commission App for Sage Intacct, and Checkbook.io ACH/Digital Check Payments for Sage powered by GUMU™ are listed on Sage Intacct Marketplace.

The GUMU™ Cloud framework by Greytrix forms the backbone of cloud integrations that are managed in real-time for the processing and execution of application programs at the click of a button.

For more information on Sage Business Cloud Services, please contact us at sagecloud@greytrix.com. We will like to hear from you.